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← Series 63: Regulation of Securities & Issuers
Series 63 practice questionhardFederal/State Coordination — NSMIA

Prior to NSMIA, a company conducting a multi-state offering had to register its securities in each state where the securities would be sold. After NSMIA, this requirement was eliminated for which category?

  1. AAll securities offered to the public
  2. BSecurities issued in intrastate offerings
  3. CSecurities listed on specified national exchanges and other designated federal covered securities✓ Correct answer
  4. DSecurities issued by private companies in Regulation A offerings
Explanation

Why C — Securities listed on specified national exchanges and other designated federal covered securities

NSMIA eliminated state registration requirements for federal covered securities, which include securities listed on national exchanges such as NYSE and NASDAQ, securities issued by registered investment companies, securities sold under SEC Rule 506, and securities sold to qualified purchasers. This dramatically reduced the regulatory burden of multi-state offerings for qualifying issuers.

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